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能力ではなくコンプライアンス：インドネシア金融セクターにおけるデジタル変革、資源配分効率、ESG開示

Compliance Over Capability: Digital Transformation, Resource Allocation Efficiency, and ESG Disclosure in Indonesia's Financial Sector (原題)

Fathiyyah Hasanah, Siska Noviaristanti

Journal of Entrepreneurship📚 査読済 / ジャーナル2026-09-04#ESG経営インパクト: 調達リスク対象セクター: finance
DOI: 10.56943/joe.v5i3.1045
原典: https://doi.org/10.56943/joe.v5i3.1045

🤖 gxceed AI 要約

日本語

インドネシア金融30社のパネルデータ（2020-2024）を用い、デジタル変革がESG開示に与える影響を資源配分効率の媒介効果とともに検証。予想に反し、デジタル変革も資源配分効率もESG開示を有意に改善せず、媒介経路も確認されなかった。ESG開示は企業特性ではなく規制圧力により一律に上昇しており、強制開示下ではコンプライアンス主導であることを示唆する。

English

Using panel data from 30 Indonesian financial firms (2020-2024), this study tests whether digital transformation improves ESG disclosure directly and via resource allocation efficiency (RAE) as a mediator. Contrary to expectations, neither digital transformation nor RAE significantly improves ESG disclosure, and no mediation is found. ESG disclosure rises uniformly over time, indicating compliance-driven rather than capability-driven performance under mandatory disclosure.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示が義務化に向かう中、強制開示が実質的な改善をもたらすかは重要な論点。本稿は規制圧力だけでは不十分で、デジタル投資をESG意思決定に結び付ける必要性を示唆し、日本の開示制度設計や企業対応に示唆を与える。

In the global GX context

This study provides evidence from a mandatory disclosure regime (Indonesia's POJK 51), complementing the predominantly voluntary-disclosure literature in developed markets. It challenges the assumption that digital capability automatically enhances ESG outcomes, offering a boundary condition for global frameworks like ISSB and CSRD that rely on disclosure quality.

👥 読者別の含意

🔬研究者:強制開示下でのESG開示の決定要因に関する実証的知見を提供。

🏢実務担当者:デジタル投資をESG関連の意思決定に振り向ける重要性を示唆。

🏛政策担当者:規制遵守だけでは持続可能性の質を保証しないため、デジタルとESG政策の統合が必要。

📄 Abstract（原文）

Indonesian financial-sector issuers have rapidly increased ESG reporting compliance, yet whether this reflects genuine digital capability or mere adaptation to regulatory pressure remains unclear. Evidence linking digital transformation, resource allocation, and ESG outcomes is concentrated in voluntary-disclosure settings in developed and transitional markets, leaving the relationship largely untested under mandatory, standardized disclosure. This study tests whether digital transformation improves ESG disclosure among Indonesian financial firms, directly and through resource allocation efficiency (RAE) as a mediator. Using panel data from 30 firms over 2020-2024 (150 firm-year observations), digital transformation is measured via a codebook-based Digital Transformation Score from annual-report content analysis, RAE via Richardson's (2006) investment model, and ESG via a 26-indicator disclosure index from POJK No. 51/POJK.03/2017. Hypotheses are tested with two-way fixed-effects regression, cluster-robust errors, and Baron and Kenny/Sobel mediation tests. Contrary to expectations, digital transformation does not significantly improve ESG disclosure or resource allocation efficiency, resource allocation efficiency does not significantly improve ESG disclosure, and no mediated pathway is detected, holding across five robustness checks. Instead, ESG disclosure rises uniformly across firms over time, consistent with regulatory rather than firm-level drivers. ESG performance in Indonesian finance thus appears compliance-driven, not capability-driven, a boundary condition for resource-allocation-mediated models built in voluntary-disclosure markets. For regulators, raising compliance alone does not ensure sustainability quality; digital and ESG policy agendas should be integrated. For industry, digital investment should shift toward ESG-relevant decision-making, not customer-facing services alone.

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